Calumet shares fell 5.8% to $39.47 on Aug. 7. The company's latest three-month filing shows revenue rising 40.8% to $1.4 billion, with gross profit swinging from a $43.6 million loss to an $18.3 million profit.
That is the easy read: more product moved, margins turned positive, and operating loss narrowed to $40.0 million from $101.0 million. Calumet's net loss also shrank, to $95.9 million from $147.9 million. The business got larger and less unprofitable, an improvement in the reported figures.
The harder read sits in the loss line. Calumet said the latest period's net loss was heavily affected by a $163.6 million non-cash expense tied to renewable identification numbers, or RINs, alongside a $9.0 million unrealized derivatives gain.
"Net loss in the second quarter of 2026 was significantly impacted by the following non-cash items: $9.0 million unrealized gain on derivatives; and $163.6 million of non-cash RINs related expense."
Calumet, 10-Q, Aug. 7, 2026
That RINs expense is larger than the reported net loss, but it is not a bridge to a profitable quarter. The same period still included the operating costs of making and selling the products, and cash generation remained negative.
The improvement also was not uniform across the business. Calumet said Performance Brands sales rose on stronger volumes, led by TruFuel. In that segment, though, higher material costs ate into the benefit from volume and pricing.
"Performance Brands segment gross profit (loss) for the three months ended June 30, 2026, as compared to the prior period, decreased primarily due to higher cost of materials."
Calumet, 10-Q, Aug. 7, 2026
Performance Brands gross profit fell by $5.2 million even as the segment sold more. Specialty Products and Solutions provided the counterweight, with higher prices and volumes as production increased 12.9% from the prior year. The consolidated gross margin still reached only 1.3%, up 5.5 percentage points from negative 4.2%.
The balance-sheet numbers keep the latest improvement tied to funding and working capital. Cash was nearly flat at $109.8 million, while inventory rose 13.6% to $421.0 million. Capital spending increased 65.1%, primarily because of the MaxSAF 150 expansion project, and free-cash-flow margin was negative 1.8%.
Calumet's recent annual history makes the latest sales jump stand out. Revenue was $4.1 billion in 2025, down 1.2% year over year, while operating margin was 2.6% and net margin was negative 0.8%. The latest period is therefore a sharp increase against a mostly flat recent revenue base, but the quarterly loss still has a large RINs and commodity-price footprint.
Calumet's next quarterly report will give a clean comparison point in the $163.6 million RINs-related expense, alongside the gross margin number, to show how much of this period's loss profile was still attached to that charge.